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Looking for advice

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DODGERAM09
New Member

Looking for advice

Hi, I am looking for some advice on what I can do to improve my credit score. I have been reading these forums for some time and have found so much great advice.

 

I’m 22 so lack of much of a credit history is hurting me. Lender pulled Fico was 620 middle score.

 

The Bad:

5 collection accounts all medical

3 are paid off (I tried GW letters but first round where all rejected.)

2 (I tried PFD but denied, I am in the process of disputing these with CRA on the grounds that the CA or OC couldn’t come up with a bill.)

 

The Good:

4 student loans that have never been late

A couple personal loans that are paid off and were never late

Cap 1 secured card(200$ CL( not reporting yet apparently it can take 90 days for it to show up on my CR, according to the cap 1 rep.))

 

I am wondering what else I can do, should deposit more money with capitol one to get a bigger CL? Should I apply for other cards? if so which ones? Is there anything that I am missing?

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1 REPLY 1
DiabolicallyRandom
Established Contributor

Re: Looking for advice

By lender pull, I assume you are looking for a mortgage. Keep at the collections. Try PFD, but if you cant get them to bite, go ahead and pay them and continue with the good wills.  Most likely any lender you find will want them all paid before closing anyways. Search the forums for the specific CA's and you may be able to find some good advice or contact information for dealing with them.

 

The general rule of thumb with mortgage app'ing is no new accounts or inquiry at least for 6 months. If you arent planning to app in the next 6 months, one more secured card would be helpful. I have read good things about BOFA's secured card, or maybe a credit union, some of them will eventually graduate to an unsecured card. I wouldnt put anything else on the Cap 1 card because it wont really grow with you. The most important thing will be how you use your card, or two if you get a second. Have one report 1-9% balance while the other at 0%.  If youre looking to buy a home be careful because new accounts and inquiries can lower your score in the very beginning, though it will recover fairly quickly.

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